Tรผrkiye โคSet to Crackโค Top 10 Global defense Exporters as โWorldwide Spending Surges
ISTANBUL – Tรผrkiye isโ poised to becomeโฃ a major player in the booming global defense market, aiming for a spot among the top 10 exporters this year โฃas worldwide military expenditure is projected to reach $6 trillionโข annually by โthe mid-2030s,โข Treasury and โFinanceโค Minister Mehmet ลimลek โannounced today.
Currently, global defenseโข spending stands at approximately $2.7โค trillion, ลimลekโข stated during a live โขbroadcast discussingโ key economic developments. He highlighted Tรผrkiye’s โขproactive position, noting the nation is “among โthe leading nations preparing for thisโ surge.”
“we hold โขa meaningful advantage in defense industry exports,” ลimลek said, pointing toโค nearly โ1,400 ongoing defense projectsโฃ valued at over $100 billion.
Theโ minister also addressed the broader economic landscape,noting global debt currently represents โข325% of worldwide income,rising to 245% in developing โcountries. Tรผrkiye, though, maintainsโข aโข comparatively manageable โdebt-to-income ratio of 92%, positioning it โขfor โperhaps faster economic growth.
ลimลek also touched on the transformative potential – and potential disruption – of artificial intelligence, stating Tรผrkiyeโ ranks favorably in AI readiness indices compared to many developingโ nations. He highlighted upcomingโ opportunities โฃincluding aโฃ planned 5G auction andโฃ investmentsโ in โfiber optic infrastructure by telecom firms.
Geopolitical tensions are further โbolstering Tรผrkiye’s defense sector, with global defense outlays having tripled from โข$1.2 โtrillion just 25 years ago.
Addressing long-term economic factors, ลimลek revealed Tรผrkiye has spent $1โ trillion onโ petroleum and natural gas imports over the past 23โ years – nearly double the country’s combined โขpublic โคandโค private external debt. โ The nation is alsoโ investing heavily in climate resilience, having allocated $90 billion to irrigation projects over the same period, with plans for further investment.
Despite external challenges including regional conflicts and a domestic โคdisruption inโข March, ลimลek reaffirmed confidence in the government’s economic program. “We’ve โขmaintained financial market stability and are now โขentering the phase of disinflation and building resilience,”โ he stated, projecting inflation to fall below 30 percent by year-end – โคa timeline consistent with international models that typicallyโค require three to four โyears to achieve similar results.